Content

In the fall of every year, Disney Vacation Club publishes detailed budget statements for every resort for the coming year. These budgets detail expenses for resort services including housekeeping, maintenance and utilities. They also include property taxes and contributions to capital reserves which will ultimately be used for large scale projects like roof replacement and villa refurbishments.

Below are links to side-by-side comparisons of these resort costs for each calendar year. Note that resort-to-resort comparisons may be difficult due to differences in property size, property location, nightly point costs for each villa, resort design and a number of other factors.

Following is a summary of all DVC resort budgets for the calendar year 2018. This information is intended to be a summary of information released by Disney Vacation Club Management Corp. For additional details reference the hardcopy budget documents issued by DVCMC or contact Member Accounting.

(Amounts are expressed in $ Per Vacation Point)

AKV

ADV

BCV

BLT

BWV

CCV

HHI

OKW

PVB

SSR

VB

VGC

VGF

VWL

Admin/Front Desk

$.7800

$1.0894

$.6295

$.6584

$.6891

$.6996

$1.2466

$.7446

$.7398

$.5743

$1.3227

$.9276

$.7802

$.6842

Animal Programs

.3481

---

---

---

---

---

---

---

---

---

---

---

---

---

Annual Audit

.0020

.0038

.0048

.0025

.0030

.0081

.0106

.0019

.0036

.0010

.0090

.0128

.0058

.0074

DVC Reservation Component

.0063

.0057

.0061

.0063

.0060

.0039

.0064

.0057

.0064

.0061

.0072

.0066

.0070

.0061

Fees to the Division

.0063

.0877

.0070

.0050

.0080

.0070

.1058

.0071

.0096

.0065

.0110

---

.0040

.0071

Housekeeping

1.0208

1.1442

1.0414

1.1097

1.0977

1.1672

1.2818

1.1421

1.0219

.9671

1.7086

1.2035

1.2007

.9999

Income Taxes

.0194

.1171

.0171

.0159

.0188

.0197

.0310

.0191

.0136

.0143

.0294

.0290

.0166

.0182

Insurance

.0611

.2289

.0927

.0869

.0737

.0698

.0890

.0644

.1009

.0504

.2497

.1971

.0895

.0941

Legal

.0001

.0003

.0003

.0002

.0002

.0006

.0007

.0001

.0002

.0001

.0006

.0009

.0004

.0005

Maintenance

.7070

.6425

.8636

.5666

.7587

.6976

1.0692

.6569

.6581

.5131

1.1416

.5486

.5104

.9415

Management Fee

.5113

.7812

.4992

.4185

.4973

.5016

.7873

.5006

.4253

.4176

.8423

.5221

.4315

.5137

Member Activities

.1912

1.0798

.3169

.2013

.1848

.1174

.4992

.2186

.2657

.1837

.5234

.1374

.1798

.2427

Sales Tax on Sup. Fac.

---

---

---

---

.0586

---

---

---

---

---

---

---

---

---

Security

.0745

.1283

.0580

.0418

.0768

.0572

---

.0824

.0699

.0551

.0846

.1091

.0613

.0609

Transportation

.4920

---

.2996

.3258

.4104

.7266

---

.7537

.5853

.6374

---

---

.4233

.7189

Utilities

.2773

.5093

.3212

.1761

.2747

.2392

.4461

.2548

.1172

.2280

.4803

.1635

.1314

.2397

Transient Occupancy Tax

---

---

---

---

---

---

---

---

---

---

---

.4686

---

---

Resort Access Fee

---

.2456

---

---

---

---

---

---

---

---

---

---

---

---

General Excise Tax

---

.2528

---

---

---

---

---

---

---

---

---

---

---

---

Hotel Condo Assessment

---

.0302

---

---

---

---

---

---

---

---

---

---

---

---

Shared / Common Expenses

---

.6581

---

---

---

---

---

---

---

---

---

---

---

---

Assessment / Loan Payment

---

---

---

---

---

---

.1111

---

---

---

.0619

---

---

---

Total Operating Expenses

4.4974

7.0049

4.1574

3.6150

4.1578

4.3755

5.6848

4.4520

4.0175

3.6715

6.4723

4.3268

3.8419

4.5349

Interest Income

(.0010)

---

(.0010)

(.0011)

(.0010)

(.0012)

(.0002)

(.0009)

(.0004)

(.0010)

(.0005)

---

(.0007)

(.0010)

Late Fees & Interest

(.0532)

(.0253)

(.0321)

(.0348)

(.0350)

(.0200)

(.0334)

(.0367)

(.0266)

(.0424)

(.0514)

(.0176)

(.0369)

(.0348)

Breakage Income

(.1349)

(.2550)

(.1271)

(.1085)

(.1295)

(.1387)

(.1884)

(.1390)

(.1136)

(.1163)

(.2016)

(.1358)

(.1141)

(.1414)

Commercial Facilities Revenue

---

(.4028)

---

---

---

---

---

---

---

---

---

---

---

---

Shared Area Income

---

(.2661)

---

---

---

---

---

---

---

---

---

---

---

---

Member Operating Assessment

4.3083

6.0557

3.9972

3.4706

3.9923

4.2156

5.4628

4.2754

3.8769

3.5118

6.2188

4.1734

3.6902

4.3577

Capital Reserves

.9557

.9742

.9617

.7615

1.0596

1.1930

1.8853

1.1501

.6782

1.0235

1.6426

.6999

.7607

1.1554

Ad Valorem Taxes

1.4925

.5053

1.4841

1.6905

1.4977

1.8539

.3678

1.2990

1.6454

1.3211

.6646

1.0095

1.6820

1.4208

Total Dues Assessment

6.7565

7.5352

6.4430

5.9226

6.5496

7.2625

7.7159

6.7245

6.2005

5.8564

8.5260

5.8828

6.1329

6.9339

The Member Operating Assessment is equal to the total Cost Components (Total Operating Expenses) LESS the Revenue Components.

The Total Dues Assessment is equal to the Member Operating Assessment plus Capital Reserves contributions (for funding of long-term projects such as roof replacement, exterior painting, room refurbishment, etc.) and Ad Valorem Taxes (property taxes assessed by the county.)

See below for a detailed description of each cost and revenue component.

Description of Cost Components

Administration and Front Desk - Cost of front desk operations and resort management, including operating supplies and equipment rental. Also includes costs for operational and administrative support from the WALT DISNEY WORLD@ Resort ("WDW).

Animal Programs - Cost of the care of the animal collection on the Disney's Animal Kingdom Lodge savanna including food, medical and husbandry. Also includes the cost of the savanna guides who share cultural and conservation information.

Annual Audit - Fee for the independent audit of the Association's financial statements as required by Florida law.

DVC Reservation Component - Fee paid to Buena Vista Trading Company for providing the exchange component of the Club central reservation system.

Fees to the Division - Annual fee of $2, per Vacation Home, per week, assessed by the State of Florida for regulation of the timeshare industry in Florida.

Housekeeping - Cost of cleaning and certain amenities placed in each Vacation Home. Also includes the purchase, replacement and cleaning of linens and towels.

Income Taxes - Federal income taxes. Timeshare condominium associations may not claim non-profit status for federal income tax purposes under current regulations.

Maintenance - Cost of interior and exterior maintenance and repairs not paid for out of replacement reserves. Also includes landscaping, pest control and fire alarm monitoring.

Management Fee - Fee paid to DVCMC for providing management services (including home office expenses) to the Association according to the Property Management Agreement. The fee is equal to 12 percent of the total Operating Budget (total operating expenses less the sum of interest income, Member late fees and interest, and breakage income) and Capital Reselve Budget exclusive of real estate taxes, transportation fees and the management fee.

Member Activities - Cost of the quarterly Member newsletter, annual Association meetings and printing and postage for Association legal mailings. Also includes the cost of certain Member recreational activities and events at the Resort.

Sales tax on Support Facilities - State sales tax paid on Condominium's share of costs incurred in connection with the operation or maintenance of the Support Facilities in accordance with the Master Declaration of Covenanats Conditions and Restrictions encumbering the Condominium Property.

Security - Cost of guard coverage at the Resort.

Transportation - Cost of WDW transportation provided to the Resort.

Utilities - Cost of electricity, gas, water, sewer, solid waste disposal, cable television and telephone service at the Resort.

Transient Occupancy Tax - Tax on timehsare occupancy in the City of Anaheim, California.

Resort Access Fee - Paid to Ko Olina Club, LLC for providing to Members certain right of access to and benefits associated with certain Ko Olina Resort entertainment facilities and services. This cost component is only applicable to the Plan Budget.

General Excise Tax - State tax that is a privilege tax imposed on business activity in the State of Hawai'i and the City and County of Honolulu. The estimate total tax due to the Stat of Hawai'i and the City and County of Honolulu on the items of expenses and revenues that are subject to the tax.

Hotel Condominium Assessment - The assessment billed to the Vacation Ownership Condominium Association by the Ali'i Nui Hotel Condominium Association, Inc. for the Vacation Ownership Condominium Association’s share of the common expenses of the Aulani, A Disney Resort & Spa, Ko Olina, Hawai'i Condominium. See those Budgets for more details. This cost component is only applicable to the Condominium Budget.

Shared Area Expenses - The Member's share of the Shared Area Expenses charged through the Vacation Ownership Condominium Assocation, for the Shared Areas that are not included in the Vacation Ownership Condominium. This cost component is only applicable to the Condominium Budget.

Description of Revenue Components

Member Late Fees and lnterest - All delinquent Annual Dues payments are subject to a late fee of $25 per Ownership Interest, plus interest at the maximum rate permitted by law (currently 18 percent) accrued on the amount outstanding from the original due date.

Breakage Income - As stated in the Condominium Documents, Disney Vacation Club Management Corp. ("DVCMC) rents, during the Breakage Period, certain accommodations that have not been reserved by Members. The Association is entitled to receive, as breakage income, the proceeds of such rentals not to exceed 2.5 percent of the aggregate of the Condominium Operating Budget (total operating expenses less the sum of interest income and Member late fees and interest) and Capital Reserve Budget in each calendar year.

Commercial Facilities Revenue - The Common Elements of the Vacation Ownership Condominium include parking garages, cabanas and beach facilities that generate revenue. The revenue generated from these facilities (less a separate management fee to DVCHMC of 10% of the revenues, plus tax, as compensation for operating the facilities) is used to offset Common Expenses of the Vacation Ownership Condominium. This revenue component is only applicable to the Condominium Budget.

Shared Area Income - Shared Area income consist of funds received from the owners of interests or parcels in the Resort that are not part of the Vacation Ownership Condominium as their share of the Shared Area Expenses for the Shared Areas located as part of the Vacation Ownership Condominium. See Additional Budget Note 2. This revenue component is only applicable to the Condominium Budget.

Following is a summary of all DVC resort budgets for the calendar year 2017. This information is intended to be a summary of information released by Disney Vacation Club Management Corp. For additional details reference the hardcopy budget documents issued by DVCMC or contact Member Accounting.

(Amounts are expressed in $ Per Vacation Point)

AKV

ADV

BCV

BLT

BWV

CCV

HHI

OKW

PVB

SSR

VB

VGC

VGF

VWL

Admin/Front Desk

$.8143

$1.0388

$.6587

$.5823

$.7231

$.7391

$1.2609

$.7639

$.7561

$.5661

$1.3441

$.8730

$.7183

$.7387

Animal Programs

.3386

---

---

---

---

---

---

---

---

---

---

---

---

---

Annual Audit

.0020

.0039

.0048

.0025

.0030

.0044

.0106

.0019

.0041

.0010

.0090

.0128

.0058

.0074

DVC Reservation Component

.0062

.0055

.0061

.0062

.0060

.0070

.0063

.0068

.0072

.0061

.0071

.0065

.0069

.0060

Fees to the Division

.0063

.0861

.0070

.0050

.0080

.0061

.0977

.0071

.0082

.0065

.0110

---

.0040

.0071

Housekeeping

1.0089

1.0233

1.0442

1.0993

1.1894

1.1998

1.3003

1.0731

1.0781

.8884

1.6368

1.1478

1.1620

1.0168

Income Taxes

.0183

.1216

.0167

.0149

.0188

.0162

.0285

.0179

.0149

.0156

.0269

.0271

.0162

.0170

Insurance

.0582

.1652

.1048

.0868

.0711

.1329

.1063

.0733

.1173

.0597

.2862

.2029

.1056

.0953

Legal

.0001

.0003

.0003

.0002

.0002

.0003

.0007

.0001

.0003

.0001

.0006

.0009

.0004

.0005

Maintenance

.6887

.6531

.8643

.5694

.7518

.6678

.9423

.5714

.6435

.4788

1.0741

.5356

.5111

.8506

Management Fee

.4992

.7262

.4931

.3967

.5001

.5113

.7413

.4713

.4269

.3968

.8014

.4955

.4185

.4869

Member Activities

.1914

1.0194

.3215

.2038

.1883

.2107

.4917

.1868

.2419

.1788

.5093

.1328

.1768

.2087

Sales Tax on Sup. Fac.

---

---

---

---

.0612

---

---

---

---

---

---

---

---

---

Security

.0743

.1118

.0486

.0367

.0683

.0772

---

.0822

.0734

.0549

.0831

.1106

.0591

.0536

Transportation

.4805

---

.2930

.3188

.4006

.7078

---

.7353

.5688

.6221

---

---

.4158

.7074

Utilities

.2940

.5090

.3129

.1881

.2769

.2237

.4567

.2628

.1169

.2398

.5113

.1626

.1371

.2446

Transient Occupancy Tax

---

---

---

---

---

---

---

---

---

---

---

.4603

---

---

Resort Access Fee

---

.2394

---

---

---

---

---

---

---

---

---

---

---

---

General Excise Tax

---

.2353

---

---

---

---

---

---

---

---

---

---

---

---

Hotel Condo Assessment

---

.0278

---

---

---

---

---

---

---

---

---

---

---

---

Shared / Common Expenses

---

.5882

---

---

---

---

---

---

---

---

---

---

---

---

Assessment / Loan Payment

---

---

---

---

---

---

.1133

---

---

---

---

---

---

---

Total Operating Expenses

4.4810

6.5549

4.1760

3.5107

4.2668

4.5043

5.5566

4.2539

4.0576

3.5147

6.3009

4.1684

3.7376

4.4406

Interest Income

(.0010)

---

(.0010)

(.0011)

(.0010)

(.0011)

(.0002)

(.0009)

(.0004)

(.0010)

(.0005)

---

(.0007)

(.0010)

Late Fees & Interest

(.0529)

(.0251)

(.0305)

(.0385)

(.0362)

(.0420)

(.1275)

(.0312)

(.0114)

(.0501)

(.1066)

(.0310)

(.0351)

(.0390)

Breakage Income

(.1318)

(.2432)

(.1256)

(.1031)

(.1299)

(.1405)

(.1774)

(.1316)

(.1167)

(.1108)

(.1918)

(.1291)

(.1108)

(.1346)

Commercial Facilities Revenue

---

(.4184)

---

---

---

---

---

---

---

---

---

---

---

---

Shared Area Income

---

(.2224)

---

---

---

---

---

---

---

---

---

---

---

---

Member Operating Assessment

4.2953

5.6458

4.0189

3.3680

4.0997

4.3207

5.2515

4.0902

3.9291

3.3528

6.0020

4.0083

3.5910

4.2660

Capital Reserves

.8472

.8884

.8767

.6537

.9686

1.1590

1.6718

1.0438

.6239

.9728

1.4777

.6159

.7310

.9855

Ad Valorem Taxes

1.4457

.4955

1.3759

1.6006

1.4042

1.8539

.3536

1.2736

1.5825

1.2781

.6646

.9828

1.6820

1.4208

Total Dues Assessment

6.5859

7.0297

6.2715

5.6223

6.4725

7.3336

7.2728

6.4073

6.1355

5.6037

8.1064

5.6070

5.8960

6.5448

The Member Operating Assessment is equal to the total Cost Components (Total Operating Expenses) LESS the Revenue Components.

The Total Dues Assessment is equal to the Member Operating Assessment plus Capital Reserves contributions (for funding of long-term projects such as roof replacement, exterior painting, room refurbishment, etc.) and Ad Valorem Taxes (property taxes assessed by the county.)

See below for a detailed description of each cost and revenue component.

Description of Cost Components

Administration and Front Desk - Cost of front desk operations and resort management, including operating supplies and equipment rental. Also includes costs for operational and administrative support from the WALT DISNEY WORLD@ Resort ("WDW).

Animal Programs - Cost of the care of the animal collection on the Disney's Animal Kingdom Lodge savanna including food, medical and husbandry. Also includes the cost of the savanna guides who share cultural and conservation information.

Annual Audit - Fee for the independent audit of the Association's financial statements as required by Florida law.

DVC Reservation Component - Fee paid to Buena Vista Trading Company for providing the exchange component of the Club central reservation system.

Fees to the Division - Annual fee of $2, per Vacation Home, per week, assessed by the State of Florida for regulation of the timeshare industry in Florida.

Housekeeping - Cost of cleaning and certain amenities placed in each Vacation Home. Also includes the purchase, replacement and cleaning of linens and towels.

Income Taxes - Federal income taxes. Timeshare condominium associations may not claim non-profit status for federal income tax purposes under current regulations.

Maintenance - Cost of interior and exterior maintenance and repairs not paid for out of replacement reserves. Also includes landscaping, pest control and fire alarm monitoring.

Management Fee - Fee paid to DVCMC for providing management services (including home office expenses) to the Association according to the Property Management Agreement. The fee is equal to 12 percent of the total Operating Budget (total operating expenses less the sum of interest income, Member late fees and interest, and breakage income) and Capital Reselve Budget exclusive of real estate taxes, transportation fees and the management fee.

Member Activities - Cost of the quarterly Member newsletter, annual Association meetings and printing and postage for Association legal mailings. Also includes the cost of certain Member recreational activities and events at the Resort.

Sales tax on Support Facilities - State sales tax paid on Condominium's share of costs incurred in connection with the operation or maintenance of the Support Facilities in accordance with the Master Declaration of Covenanats Conditions and Restrictions encumbering the Condominium Property.

Security - Cost of guard coverage at the Resort.

Transportation - Cost of WDW transportation provided to the Resort.

Utilities - Cost of electricity, gas, water, sewer, solid waste disposal, cable television and telephone service at the Resort.

Transient Occupancy Tax - Tax on timehsare occupancy in the City of Anaheim, California.

Resort Access Fee - Paid to Ko Olina Club, LLC for providing to Members certain right of access to and benefits associated with certain Ko Olina Resort entertainment facilities and services. This cost component is only applicable to the Plan Budget.

General Excise Tax - State tax that is a privilege tax imposed on business activity in the State of Hawai'i and the City and County of Honolulu. The estimate total tax due to the Stat of Hawai'i and the City and County of Honolulu on the items of expenses and revenues that are subject to the tax.

Hotel Condominium Assessment - The assessment billed to the Vacation Ownership Condominium Association by the Ali'i Nui Hotel Condominium Association, Inc. for the Vacation Ownership Condominium Association’s share of the common expenses of the Aulani, A Disney Resort & Spa, Ko Olina, Hawai'i Condominium. See those Budgets for more details. This cost component is only applicable to the Condominium Budget.

Shared Area Expenses - The Member's share of the Shared Area Expenses charged through the Vacation Ownership Condominium Assocation, for the Shared Areas that are not included in the Vacation Ownership Condominium. This cost component is only applicable to the Condominium Budget.

Description of Revenue Components

Member Late Fees and lnterest - All delinquent Annual Dues payments are subject to a late fee of $25 per Ownership Interest, plus interest at the maximum rate permitted by law (currently 18 percent) accrued on the amount outstanding from the original due date.

Breakage Income - As stated in the Condominium Documents, Disney Vacation Club Management Corp. ("DVCMC) rents, during the Breakage Period, certain accommodations that have not been reserved by Members. The Association is entitled to receive, as breakage income, the proceeds of such rentals not to exceed 2.5 percent of the aggregate of the Condominium Operating Budget (total operating expenses less the sum of interest income and Member late fees and interest) and Capital Reserve Budget in each calendar year.

Commercial Facilities Revenue - The Common Elements of the Vacation Ownership Condominium include parking garages, cabanas and beach facilities that generate revenue. The revenue generated from these facilities (less a separate management fee to DVCHMC of 10% of the revenues, plus tax, as compensation for operating the facilities) is used to offset Common Expenses of the Vacation Ownership Condominium. This revenue component is only applicable to the Condominium Budget.

Shared Area Income - Shared Area income consist of funds received from the owners of interests or parcels in the Resort that are not part of the Vacation Ownership Condominium as their share of the Shared Area Expenses for the Shared Areas located as part of the Vacation Ownership Condominium. See Additional Budget Note 2. This revenue component is only applicable to the Condominium Budget.

Resort Information

Check-in: After 4pm (arriving guests may check-in earlier and access will be granted if the room is ready to be occupied) Check-out: 11am

Opening Date: April 1, 2015 DVC Contract End Date: January 31, 2066

Rooms:

380

Deluxe Studio:

360

Dedicated One Bedroom:

0

Dedicated Two Bedroom:

0

Lockoff Two Bedroom: (Each can be booked separately as One Bedroom + Studio)

0

Watertop Bungalows:

20

Buildings: 3 + Bungalows

NOTE: Most Polynesian Deluxe Studio villas have interior connecting door linking them to adjoining Studio. Guests booking two rooms for the same dates can request connecting rooms, but the request is not guaranteed.

"Escape to a tropical retreat with swaying palms and white sandy beaches—just steps from the monorail taking you to the ultimate in fun at Magic Kingdom park! Disney's Polynesian Villas & Bungalows boasts the first-ever Disney accommodations to sit atop the water as well as the largest Deluxe Studios at any Walt Disney World Resort."

Resort Amenities

Bell Services:

Yes

Valet Parking:

Yes

Room Service:

Yes

Gift Shop:

Yes

Community Hall:

No

Child Care:

Yes

Self-Serve Laundry Facilities:

Yes

Grocery Shopping / Delivery Service:

Yes

BBQ Grill / Pavilion

Yes

Dining

O'HANA (CHARACTER BREAKFAST; TABLE SERVICE Dinner)

The morning "Best Friends Breakfast" features a character meet-and-greet with Lilo & Stitch and other Disney friends. Food is served family style, including scrambled eggs, potatoes, fresh fruit and more.

Dinner is also family style, featuring a selection of Polynesian flavors including sweet & sour chicken and szechuan steak.

Captain Cook's (Quick Service dining; Breakfast, Lunch and Dinner)

Quick service dining includes traditional breakfast fare (eggs, Mickey Waffles, etc.) in the morning along with a pleasant variety of selections throughout the day. Indoor and outdoor seating is available.

Spirit of Aloha Dinner Show (Three Performances Nightly)

Hosted in the open-air Luau Cove theater, this all-you-can-eat dinner show features many island delights including BBQ ribs, pulled pork and pineapple-coconut bread. During the meal, performers delight guests with traditional hula dancing, fire dancing and more.

Advance Dining Reservations are accepted 180 days prior to visit.

Recreation

Volcano Pool

This 120,000 gallon feature pool includes a "volcano" which erputs throughout the day, along with a 142-foot waterslide. The pool features a zero entry slope, wheelchair access and a hot tub. Towels are provided. Lounge chairs are available on a first-come, first-served basis. Life jackets may be borrowed (free) from nearby location.

Access to the gated pool area is restricted to Polynesian resort guests only. Pool hopping is not permitted.

Oasis Pool

Renovated in 2016, the Oasis Pool is a zero-entry facility with ample deck space for loungers, a pool bar, quick service dining establishment and restrooms. Lifeguards are not provided at the Oasis Pool.

Following is a summary of all DVC resort budgets for the calendar year 2016. This information is intended to be a summary of information released by Disney Vacation Club Management Corp. For additional details reference the hardcopy budget documents issued by DVCMC or contact Member Accounting.

(Amounts are expressed in $ Per Vacation Point)

AKV

ADV

BCV

BLT

BWV

HHI

OKW

PVB

SSR

VB

VGC

VGF

VWL

Admin/Front Desk

$.8827

$1.1026

$.6871

$.6256

$.8039

$1.2078

$.7207

$.7743

$.5361

$1.3729

$.7530

$.7023

$.7196

Animal Programs

.3379

---

---

---

---

---

---

---

---

---

---

---

---

Annual Audit

.0020

.0050

.0048

.0025

.0030

.0106

.0019

.0057

.0010

.0090

.0128

.0058

.0074

DVC Reservation Component

.0062

.0055

.0061

.0062

.0059

.0063

.0068

.0035

.0060

.0071

.0065

.0069

.0060

Fees to the Division

.0063

.0825

.0070

.0050

.0080

.0998

.0071

.0095

.0065

.0110

---

.0040

.0071

Housekeeping

.9598

.9754

1.0756

.9841

1.0595

1.2112

1.0106

1.1473

.9025

1.5726

1.1585

1.0614

.9740

Income Taxes

.0253

.1019

.0238

.0190

.0248

.0321

.0255

.0235

.0223

.0344

.0270

.0204

.0258

Insurance

.0671

.1458

.1127

.0906

.0827

.1033

.0729

.1331

.0595

.3964

.2607

.1091

.1346

Legal

.0001

.0003

.0003

.0002

.0002

.0007

.0001

.0004

.0001

.0006

.0009

.0004

.0005

Maintenance

.6495

.6093

.8821

.4871

.6981

.8945

.5611

.6179

.4705

1.0233

.5228

.4725

.8261

Management Fee

.4818

.7013

.4901

.3763

.4870

.6949

.4437

.4306

.3860

.7973

.4763

.3969

.4716

Member Activities

.1913

1.0033

.3234

.2161

.2046

.5239

.1874

.1980

.1482

.5181

.1357

.1544

.2055

Sales Tax on Sup. Fac.

---

---

---

---

.0842

---

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---

---

---

---

---

---

Security

.0736

.1113

.0481

.0363

.0676

---

.0813

.0735

.0544

.0836

.1083

.0585

.0530

Transportation

.4635

---

.2838

.3083

.3873

---

.7086

.5383

.5999

---

---

.4054

.6856

Utilities

.2819

.5066

.3149

.2003

.2812

.4869

.2505

.1325

.2271

.5134

.1507

.1294

.2686

Transient Occupancy Tax

---

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---

---

---

---

---

---

---

---

.4522

---

---

Resort Access Fee

---

.2374

---

---

---

---

---

---

---

---

---

---

---

General Excise Tax

---

.2274

---

---

---

---

---

---

---

---

---

---

---

Hotel Condo Assessment

---

.0289

---

---

---

---

---

---

---

---

---

---

---

Shared Area Expenses

---

.6132

---

---

---

---

---

---

---

---

---

---

---

Total Operating Expenses

4.3690

6.3668

4.1998

3.3576

4.1977

5.2720

4.0782

4.0881

3.4201

6.3397

4.0654

3.5274

4.3851

Interest Income

(.0010)

---

(.0011)

(.0012)

(.0011)

(.0002)

(.0010)

(.0012)

(.0010)

(.0006)

---

(.0007)

(.0010)

Late Fees & Interest

(.0406)

(.0203)

(.0417)

(.0261)

(.0487)

(.0548)

(.0400)

(.0088)

(.0465)

(.0767)

(.0324)

(.0181)

(.0467)

Breakage Income

(.1272)

(.2403)

(.1245)

(.0978)

(.1265)

(.1663)

(.1244)

(.1170)

(.1077)

(.1909)

(.1242)

(.1054)

(.1305)

Commercial Facilities Revenue

---

(.3831)

---

---

---

---

---

---

---

---

---

---

---

Shared Area Income

---

(.2420)

---

---

---

---

---

---

---

---

---

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Member Operating Assessment

4.2002

5.4811

4.1998

3.2325

4.0214

5.0507

3.9128

3.9611

3.2649

6.0715

3.9088

3.4032

4.2069

Capital Reserves

.7598

.8315

.8260

.5884

.9108

1.4352

.9373

.5962

.9375

1.1576

.5368

.7063

.8800

Ad Valorem Taxes

1.4552

.4787

1.2692

1.4621

1.2431

.3294

1.1606

1.5364

1.2367

.6428

.9274

1.6024

1.1283

Total Dues Assessment

6.4152

6.7913

5.9748

5.2830

6.1753

6.8153

6.0107

6.0937

5.4391

8.0846

5.3730

5.7119

6.2152

The Member Operating Assessment is equal to the total Cost Components (Total Operating Expenses) LESS the Revenue Components.

The Total Dues Assessment is equal to the Member Operating Assessment plus Capital Reserves contributions (for funding of long-term projects such as roof replacement, exterior painting, room refurbishment, etc.) and Ad Valorem Taxes (property taxes assessed by the county.)

See below for a detailed description of each cost and revenue component.

Description of Cost Components

Administration and Front Desk - Cost of front desk operations and resort management, including operating supplies and equipment rental. Also includes costs for operational and administrative support from the WALT DISNEY WORLD@ Resort ("WDW).

Animal Programs - Cost of the care of the animal collection on the Disney's Animal Kingdom Lodge savanna including food, medical and husbandry. Also includes the cost of the savanna guides who share cultural and conservation information.

Annual Audit - Fee for the independent audit of the Association's financial statements as required by Florida law.

DVC Reservation Component - Fee paid to Buena Vista Trading Company for providing the exchange component of the Club central reservation system.

Fees to the Division - Annual fee of $2, per Vacation Home, per week, assessed by the State of Florida for regulation of the timeshare industry in Florida.

Housekeeping - Cost of cleaning and certain amenities placed in each Vacation Home. Also includes the purchase, replacement and cleaning of linens and towels.

Income Taxes - Federal income taxes. Timeshare condominium associations may not claim non-profit status for federal income tax purposes under current regulations.

Maintenance - Cost of interior and exterior maintenance and repairs not paid for out of replacement reserves. Also includes landscaping, pest control and fire alarm monitoring.

Management Fee - Fee paid to DVCMC for providing management services (including home office expenses) to the Association according to the Property Management Agreement. The fee is equal to 12 percent of the total Operating Budget (total operating expenses less the sum of interest income, Member late fees and interest, and breakage income) and Capital Reselve Budget exclusive of real estate taxes, transportation fees and the management fee.

Member Activities - Cost of the quarterly Member newsletter, annual Association meetings and printing and postage for Association legal mailings. Also includes the cost of certain Member recreational activities and events at the Resort.

Sales tax on Support Facilities - State sales tax paid on Condominium's share of costs incurred in connection with the operation or maintenance of the Support Facilities in accordance with the Master Declaration of Covenanats Conditions and Restrictions encumbering the Condominium Property.

Security - Cost of guard coverage at the Resort.

Transportation - Cost of WDW transportation provided to the Resort.

Utilities - Cost of electricity, gas, water, sewer, solid waste disposal, cable television and telephone service at the Resort.

Transient Occupancy Tax - Tax on timehsare occupancy in the City of Anaheim, California.

Resort Access Fee - Paid to Ko Olina Club, LLC for providing to Members certain right of access to and benefits associated with certain Ko Olina Resort entertainment facilities and services. This cost component is only applicable to the Plan Budget.

General Excise Tax - State tax that is a privilege tax imposed on business activity in the State of Hawai'i and the City and County of Honolulu. The estimate total tax due to the Stat of Hawai'i and the City and County of Honolulu on the items of expenses and revenues that are subject to the tax.

Hotel Condominium Assessment - The assessment billed to the Vacation Ownership Condominium Association by the Ali'i Nui Hotel Condominium Association, Inc. for the Vacation Ownership Condominium Association’s share of the common expenses of the Aulani, A Disney Resort & Spa, Ko Olina, Hawai'i Condominium. See those Budgets for more details. This cost component is only applicable to the Condominium Budget.

Shared Area Expenses - The Member's share of the Shared Area Expenses charged through the Vacation Ownership Condominium Assocation, for the Shared Areas that are not included in the Vacation Ownership Condominium. This cost component is only applicable to the Condominium Budget.

Description of Revenue Components

Member Late Fees and lnterest - All delinquent Annual Dues payments are subject to a late fee of $25 per Ownership Interest, plus interest at the maximum rate permitted by law (currently 18 percent) accrued on the amount outstanding from the original due date.

Breakage Income - As stated in the Condominium Documents, Disney Vacation Club Management Corp. ("DVCMC) rents, during the Breakage Period, certain accommodations that have not been reserved by Members. The Association is entitled to receive, as breakage income, the proceeds of such rentals not to exceed 2.5 percent of the aggregate of the Condominium Operating Budget (total operating expenses less the sum of interest income and Member late fees and interest) and Capital Reserve Budget in each calendar year.

Commercial Facilities Revenue - The Common Elements of the Vacation Ownership Condominium include parking garages, cabanas and beach facilities that generate revenue. The revenue generated from these facilities (less a separate management fee to DVCHMC of 10% of the revenues, plus tax, as compensation for operating the facilities) is used to offset Common Expenses of the Vacation Ownership Condominium. This revenue component is only applicable to the Condominium Budget.

Shared Area Income - Shared Area income consist of funds received from the owners of interests or parcels in the Resort that are not part of the Vacation Ownership Condominium as their share of the Shared Area Expenses for the Shared Areas located as part of the Vacation Ownership Condominium. See Additional Budget Note 2. This revenue component is only applicable to the Condominium Budget.